A corporation is a type of business that is considered as a separate legal entity [an organization or person that has the ability to enter into contracts and conduct business activities on its own behalf] from its owners, known as shareholders. Corporations have their own rights and responsibilities, just like individuals. They can own property, make profits, and be held liable for their actions. Examples of corporations include multinational companies like Apple and Coca-Cola, as well as local businesses like a neighborhood bakery or a clothing store.
Very Simple Definition:
A corporation is a special kind of business. It is like an individual in that it can own things and make money. Big companies like Apple and Coca-Cola are corporations. Even small businesses like a bakery or a clothing store can be corporations too.